Common Units definition
Examples of Common Units in a sentence
Notwithstanding anything herein to the contrary, a holder of LTIP Units may deliver a Notice of Redemption pursuant to Section 11.1(a) hereof relating to those Common Units that will be issued to such holder upon conversion of such LTIP Units into Common Units in advance of the Conversion Date; provided that the redemption of such Common Units by the Company shall in no event take place until after the Conversion Date.
Grantee represents and warrants to the Company that Grantee is acquiring the LTIP Units for ▇▇▇▇▇▇▇’s own account and not with a view to or for sale in connection with any distribution of the LTIP Units or, as applicable, the Common Units.
Following any Termination of Service, Grantee will remain entitled to all rights applicable to the vested LTIP Units (after taking into account those LTIP Units that vest pursuant to Section 4(a) or 4(b) above) under the LLC Agreement, including the right to conversion of LTIP Units into Common Units upon achieving Common Unit Parity and the right to exchange vested Common Units for DMRC Shares.
The parties agree that, except as determined by the Managing Member and as reflected in an applicable LTIP Unit grant agreement, the intent of this Section 5.1(g) is to make the Capital Account balance associated with each LTIP Unit economically equivalent to the Capital Account balance associated with Common Units directly or indirectly owned by Managing Member (on a per-Unit basis).
Notwithstanding the definition of Percentage Interest, the Percentage Interest of each Member holding Performance LTIP Units with respect to such Performance LTIP Units shall equal the Percentage Interest of a Member who holds an equivalent number of Common Units multiplied by the Performance LTIP Units Sharing Percentage (the “Performance LTIP Unitholder Percentage Interest”).